Unlocked iphone with virgin prepaid

Hi guys,
I'm a bit of a beginner when it comes to some of these things, so please help me out !
Currently, i am on virgin prepaid, where i just pay as i go, and just recharge whenever i need to, this is the easiest way for me at the moment, since im not working.
I've just received an unlocked iphone as a gift, and im not too sure whether i can just simply put in my prepaid sim, and will it work?
i dont want to join any plans or anything yet, until maybe next yr, so i want to keep with my current prepaid sim.
how will this work, in terms of data and internet usage etc?
i probably wont be using the internet so much, this year, but may upgrade my plan next yr, to accomodate for this.
but mainly, will my current pay as you go prepaid sim, work with the unlocked iphone?